Why are potential EasyFlex users stuck in the pending state?

By the end of June 2021, approximately 6 months after the launch of the EasyFlex product, we had nearly 2.6K users that were in the pending state (i.e. completed the sign-up flow and never funded their EasyFlex account). Since we would like for these users to fund their accounts and get their Savings account, we'll be looking into potential causes for this to happen and try to answer the following questions:

The main findings of this research are:

What are potential causes for being stuck in the pending state?

We identified 6 potential causes for users not to fund their Easyflex account:

  1. They have closed their account after signing-up for the product
  2. They haven't completed their sign-up process on the partner side
  3. They were not MAUs in the last 6 months
  4. They have never made it to the manage screen of the Easyflex product
  5. They haven't consistently used spaces in the last 3 months (and therefore wouldn't have the need to move money to a savings account)
  6. They had less than 500€ in their total balance at some point in the last 3 months (which would stop them from putting aside this minimum amount required for the Easyflex product)

Top 10 combinations of the 6 potential causes for users not to fund their Easyflex account

Looking at the combinations above and the chart below, we can see that having a balance below 500€ is the main blocker when it comes to account funding, with about 80% of the users going below this threshold in the last 3 months.

Which causes/ users are actionable now?

If we were to reach out to users to remind them to fund their Easyflex account, the ones that could more easily do so are users who:

This means that only 402 users would be able to activate their EasyFlex account at the moment (which corresponds to 15.6% of all users in the pending state).

Could we lower the funding threshold?

(Based on the minimum balance of these users)

Below we can see the cumulative distribution of users based on their minimum balance in the last 3 months. In the first chart we can see that the vast majority of users is centered around the 0€ balance.

Cumulative users per minimum balance in the last 3 months

(balances over 50k€ were grouped into the 50K€ value)

Since we are specifically interested in users with a minimum balance between 0€ and 500€, below we filter for the percentage of users within these values. We can see that even if we were able to reduce the threshold of funding to 20€, we would still be excluding about two thirds of the users in the pending state.

Cumulative users per minimum balance in the last 3 months - filtering on balances between 0€ and 500€

What did users answer in their sign-up questions?

We can also look into how users were expecting to use the product when they signed-up, and split them by balance type. For that we'll be looking into how they answered the following sign-up questions:

The main trend we can identify here is that the overwhelming majority of users (94%) were expecting to top-up with less than 500€ after the initial deposit.

Appendix

Do we have any non-numeric values or too long numbers in the top_up_answer?

Yes, below you can find a list of these answers.